Welch & Forbes LLC cut its stake in National-Oilwell Varco, Inc. (NYSE:NOV) by 81.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,030 shares of the oil and gas exploration company’s stock after selling 34,900 shares during the period. Welch & Forbes LLC’s holdings in National-Oilwell Varco were worth $201,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. OLD National Bancorp IN boosted its holdings in shares of National-Oilwell Varco by 8.3% in the 4th quarter. OLD National Bancorp IN now owns 11,623 shares of the oil and gas exploration company’s stock valued at $291,000 after buying an additional 886 shares in the last quarter. Cerebellum GP LLC acquired a new stake in shares of National-Oilwell Varco during the fourth quarter worth $160,000. DNB Asset Management AS lifted its holdings in shares of National-Oilwell Varco by 5.4% during the fourth quarter. DNB Asset Management AS now owns 48,797 shares of the oil and gas exploration company’s stock worth $1,222,000 after buying an additional 2,507 shares in the last quarter. Boston Trust Walden Corp boosted its position in shares of National-Oilwell Varco by 2.7% in the fourth quarter. Boston Trust Walden Corp now owns 244,355 shares of the oil and gas exploration company’s stock valued at $6,121,000 after acquiring an additional 6,424 shares during the period. Finally, Baxter Bros Inc. bought a new stake in shares of National-Oilwell Varco in the fourth quarter valued at about $3,504,000. Institutional investors and hedge funds own 95.37% of the company’s stock.
Shares of National-Oilwell Varco stock opened at $23.50 on Friday. The company has a current ratio of 2.86, a quick ratio of 1.75 and a debt-to-equity ratio of 0.31. National-Oilwell Varco, Inc. has a 12-month low of $18.05 and a 12-month high of $32.63. The firm’s 50-day moving average price is $24.04 and its two-hundred day moving average price is $22.12.
The company also recently declared a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Thursday, December 5th. This represents a $0.20 annualized dividend and a dividend yield of 0.85%. National-Oilwell Varco’s dividend payout ratio is -250.00%.
In related news, VP Scott K. Duff sold 6,000 shares of National-Oilwell Varco stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $23.51, for a total value of $141,060.00. Following the transaction, the vice president now directly owns 42,721 shares of the company’s stock, valued at $1,004,370.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.92% of the company’s stock.
A number of equities analysts recently commented on the stock. Sanford C. Bernstein assumed coverage on shares of National-Oilwell Varco in a research report on Monday, January 13th. They set a “market perform” rating on the stock. Goldman Sachs Group upgraded shares of National-Oilwell Varco from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $29.00 to $33.00 in a research note on Wednesday, October 30th. Wells Fargo & Co boosted their price objective on shares of National-Oilwell Varco from $24.00 to $25.00 and gave the company an “equal weight” rating in a report on Thursday, January 9th. Morgan Stanley decreased their target price on shares of National-Oilwell Varco from $28.00 to $25.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 8th. Finally, Bernstein Bank started coverage on shares of National-Oilwell Varco in a report on Tuesday, January 14th. They set a “market perform” rating on the stock. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and nine have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $26.35.
National-Oilwell Varco Profile
National Oilwell Varco, Inc designs, manufactures, and sells systems, components, and products for oil and gas drilling and production worldwide. It operates in three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies. The Wellbore Technologies segment offers various equipment and technologies used to perform drilling operations.
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